Reported Earnings • May 19
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: NT$2.65 (down from NT$3.74 in 1Q 2025). Revenue: NT$2.21b (down 5.9% from 1Q 2025). Net income: NT$389.9m (down 28% from 1Q 2025). Profit margin: 18% (down from 23% in 1Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.0%. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Apr 22
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 6.5% to NT$220. The fair value is estimated to be NT$171, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 33%. Revenue is forecast to grow by 8.0% in a year. Earnings are forecast to grow by 4.6% in the next year. Reported Earnings • Mar 11
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: NT$12.38 (down from NT$12.52 in FY 2024). Revenue: NT$9.13b (up 9.1% from FY 2024). Net income: NT$1.81b (flat on FY 2024). Profit margin: 20% (down from 22% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.5%. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Announcement • Feb 25
PixArt Imaging Inc., Annual General Meeting, May 27, 2026 PixArt Imaging Inc., Annual General Meeting, May 27, 2026, at 09:00 Taipei Standard Time. Location: 4 floor no,1, kung yeh tung 2nd rd., hsinchu science park, hsinchu city Taiwan Reported Earnings • Nov 11
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: NT$3.01 (down from NT$3.30 in 3Q 2024). Revenue: NT$2.21b (down 2.3% from 3Q 2024). Net income: NT$441.9m (down 7.7% from 3Q 2024). Profit margin: 20% (down from 21% in 3Q 2024). Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is forecast to grow 5.5% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 35% per year. Price Target Changed • Oct 19
Price target decreased by 9.6% to NT$235 Down from NT$260, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of NT$235. Stock is down 5.1% over the past year. The company is forecast to post earnings per share of NT$12.20 for next year compared to NT$12.52 last year. Major Estimate Revision • Aug 17
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$9.06b to NT$8.89b. EPS estimate also fell from NT$12.59 per share to NT$11.15 per share. Net income forecast to shrink 5.8% next year vs 24% growth forecast for Semiconductor industry in Taiwan . Consensus price target reaffirmed at NT$260. Share price was steady at NT$197 over the past week. New Risk • Aug 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.1% average weekly change). Reported Earnings • Aug 12
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: NT$2.51 (down from NT$3.36 in 2Q 2024). Revenue: NT$2.28b (up 12% from 2Q 2024). Net income: NT$366.3m (down 25% from 2Q 2024). Profit margin: 16% (down from 24% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) also missed analyst estimates by 33%. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 27% per year and the company’s share price has also increased by 27% per year. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$210, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 17x in the Semiconductor industry in Taiwan. Total returns to shareholders of 182% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$364 per share. Declared Dividend • Jun 26
Dividend increased to NT$10.00 Dividend of NT$10.00 is 121% higher than last year. Ex-date: 9th July 2025 Payment date: 8th August 2025 Dividend yield will be 4.5%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (70% earnings payout ratio) and cash flows (58% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 34% over the next year, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • May 19
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$9.20b to NT$9.06b. EPS estimate also fell from NT$14.50 per share to NT$12.59 per share. Net income forecast to grow 11% next year vs 16% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$280 to NT$260. Share price fell 2.6% to NT$210 over the past week. Price Target Changed • May 14
Price target decreased by 7.1% to NT$260 Down from NT$280, the current price target is an average from 3 analysts. New target price is 18% above last closing price of NT$221. Stock is up 38% over the past year. The company is forecast to post earnings per share of NT$12.59 for next year compared to NT$12.52 last year. Reported Earnings • May 13
First quarter 2025 earnings released: EPS: NT$3.74 (vs NT$2.02 in 1Q 2024) First quarter 2025 results: EPS: NT$3.74 (up from NT$2.02 in 1Q 2024). Revenue: NT$2.35b (up 34% from 1Q 2024). Net income: NT$545.2m (up 87% from 1Q 2024). Profit margin: 23% (up from 17% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$222, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 17x in the Semiconductor industry in Taiwan. Total returns to shareholders of 129% over the past three years. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$193, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 18x in the Semiconductor industry in Taiwan. Total returns to shareholders of 72% over the past three years. Reported Earnings • Mar 14
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: NT$12.52 (up from NT$5.57 in FY 2023). Revenue: NT$8.36b (up 43% from FY 2023). Net income: NT$1.82b (up 127% from FY 2023). Profit margin: 22% (up from 14% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 7.9% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$291, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 150% over the past three years. Announcement • Feb 18
PixArt Imaging Inc. to Report Q4, 2024 Results on Feb 25, 2025 PixArt Imaging Inc. announced that they will report Q4, 2024 results at 9:00 AM, Taipei Standard Time on Feb 25, 2025 Reported Earnings • Nov 13
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: NT$3.30 (up from NT$2.08 in 3Q 2023). Revenue: NT$2.26b (up 42% from 3Q 2023). Net income: NT$479.0m (up 60% from 3Q 2023). Profit margin: 21% (up from 19% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 2.1%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • Nov 13
PixArt Imaging Unveils the Magic Sensor, PAC9001 Smart Pixel Optical Sensing Device PixArt Imaging introduced its latest innovation, the "magic sensor," PAC9001 Smart Pixel Optical Sensing Device. Designed to revolutionize object presence detection across industries, the PAC9001 combines exceptional real-time performance and high efficiency in a compact, privacy-focused sensor. The PAC9001 uses advanced AI-powered pixel processing to analyze visual information directly at the pixel level, a breakthrough that reduces data transmission needs and minimizes power consumption. This "smart" processing capability enables the PAC9001 to support rapid, high-accuracy applications in sectors such as retail, logistics, manufacturing, smart home, and PC peripherals. With its high sensitivity, the PAC9001 functions seamlessly even when concealed, providing essential insights without capturing identifiable images. This ensures enhanced privacy, making it ideal for settings like crowd control and security. The PAC9001 also features PixArt's proprietary Smart Motion Detection (SMD) and Pixel Difference Mode (PDM), enabling it to adapt to environmental changes and deliver high-precision data in varying lighting conditions, from bright daylight to darkness, at distances up to 5 meters. This advanced sensing capability ensures minimal false alarms compared to traditional PIR systems, making the PAC9001 a versatile and scalable solution for a wide range of industries and applications. Combining advanced sensing, processing, and energy-saving technologies, the PAC9001 stands out as a game-changer for those seeking efficient, integrated solutions for next-generation smart devices. New Risk • Nov 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.1% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.1% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Announcement • Oct 25
PixArt Imaging Inc. to Report Q3, 2024 Results on Nov 01, 2024 PixArt Imaging Inc. announced that they will report Q3, 2024 results on Nov 01, 2024 Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$259, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 101% over the past three years. New Risk • Sep 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.8% average weekly change). Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Price Target Changed • Aug 15
Price target increased by 13% to NT$197 Up from NT$175, the current price target is an average from 3 analysts. New target price is 7.9% above last closing price of NT$183. Stock is up 62% over the past year. The company is forecast to post earnings per share of NT$11.46 for next year compared to NT$5.57 last year. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$182, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 34% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$216 per share. Announcement • Aug 02
PixArt Imaging Inc. to Report Q2, 2024 Results on Aug 09, 2024 PixArt Imaging Inc. announced that they will report Q2, 2024 results at 9:00 AM, Taipei Standard Time on Aug 09, 2024 Declared Dividend • Jun 27
Dividend reduced to NT$4.52 Dividend of NT$4.52 is 25% lower than last year. Ex-date: 9th July 2024 Payment date: 8th August 2024 Dividend yield will be 2.6%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (61% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 8.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 2.3% over the next year, which should provide support to the dividend and adequate earnings cover. New Risk • Jun 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Buy Or Sell Opportunity • May 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.3% to NT$153. The fair value is estimated to be NT$191, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 22% over the last 3 years. Earnings per share has declined by 32%. Revenue is forecast to grow by 8.5% in a year. Earnings are forecast to grow by 3.2% in the next year. Reported Earnings • May 11
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: NT$2.02 (up from NT$0.035 in 1Q 2023). Revenue: NT$1.75b (up 61% from 1Q 2023). Net income: NT$291.2m (up NT$286.2m from 1Q 2023). Profit margin: 17% (up from 0.5% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.5%. Earnings per share (EPS) also surpassed analyst estimates by 4.8%. Revenue is forecast to grow 6.0% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Apr 28
PixArt Imaging Inc., Annual General Meeting, May 31, 2024 PixArt Imaging Inc., Annual General Meeting, May 31, 2024, at 09:00 Taipei Standard Time. Location: Conference Hall Einstein, Science Park Life Hub 2F., No. 1, Industry E. 2nd Rd., Hsinchu Science Park, Hsinchu, Taiwan, R.O.C Hsinchu Taiwan Agenda: To consider and report the 2023 Business Report; to consider and report Audit Committee's Review Report on the 2023 Financial Statements; to consider and report 2023 employees' profit sharing bonus and directors' remuneration; to consider and report 2023 directors' remuneration; and to consider other matters. Announcement • Apr 24
PixArt Imaging Inc. to Report Q1, 2024 Results on Apr 30, 2024 PixArt Imaging Inc. announced that they will report Q1, 2024 results on Apr 30, 2024 Reported Earnings • Mar 01
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: NT$5.57 (down from NT$7.41 in FY 2022). Revenue: NT$5.84b (up 12% from FY 2022). Net income: NT$799.4m (down 24% from FY 2022). Profit margin: 14% (down from 20% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Feb 01
PixArt Imaging Inc. to Report Q4, 2023 Results on Feb 06, 2024 PixArt Imaging Inc. announced that they will report Q4, 2023 results on Feb 06, 2024 Price Target Changed • Jan 12
Price target decreased by 8.3% to NT$165 Down from NT$180, the current price target is provided by 1 analyst. New target price is 11% above last closing price of NT$149. Stock is up 51% over the past year. The company is forecast to post earnings per share of NT$6.19 for next year compared to NT$7.41 last year. New Risk • Nov 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 5.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 187% Cash payout ratio: 103% Minor Risks Share price has been volatile over the past 3 months (5.6% average weekly change). Profit margins are more than 30% lower than last year (9.0% net profit margin). Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$163, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 19x in the Semiconductor industry in Taiwan. Total returns to shareholders of 1.0% over the past three years. Reported Earnings • Nov 08
Third quarter 2023 earnings released: EPS: NT$2.08 (vs NT$5.11 in 3Q 2022) Third quarter 2023 results: EPS: NT$2.08 (down from NT$5.11 in 3Q 2022). Revenue: NT$1.59b (up 30% from 3Q 2022). Net income: NT$299.0m (down 59% from 3Q 2022). Profit margin: 19% (down from 59% in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. New Risk • Oct 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 97% Cash payout ratio: 128% Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Large one-off items impacting financial results. Reported Earnings • Aug 11
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: NT$1.52 (down from NT$1.85 in 2Q 2022). Revenue: NT$1.39b (down 12% from 2Q 2022). Net income: NT$218.1m (down 17% from 2Q 2022). Profit margin: 16% (in line with 2Q 2022). Revenue exceeded analyst estimates by 22%. Earnings per share (EPS) also surpassed analyst estimates by 113%. Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 17% per year. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$128, the stock trades at a trailing P/E ratio of 20.1x. Average forward P/E is 19x in the Semiconductor industry in Taiwan. Total loss to shareholders of 22% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$58.45 per share. Upcoming Dividend • Jul 11
Upcoming dividend of NT$6.00 per share at 5.5% yield Eligible shareholders must have bought the stock before 18 July 2023. Payment date: 10 August 2023. Payout ratio is on the higher end at 92%, and the cash payout ratio is above 100%. Trailing yield: 5.5%. Within top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.3%). Buying Opportunity • Mar 10
Now 23% undervalued Over the last 90 days, the stock is up 16%. The fair value is estimated to be NT$143, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 39% in 2 years. Earnings is forecast to decline by 15% in the next 2 years. Reported Earnings • Feb 24
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: NT$7.41 (down from NT$11.32 in FY 2021). Revenue: NT$5.23b (down 41% from FY 2021). Net income: NT$1.05b (down 33% from FY 2021). Profit margin: 20% (up from 18% in FY 2021). Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 4.3%. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$113, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 15x in the Semiconductor industry in Taiwan. Total loss to shareholders of 24% over the past three years. Price Target Changed • Nov 16
Price target decreased to NT$77.50 Down from NT$110, the current price target is an average from 2 analysts. New target price is 16% below last closing price of NT$91.80. Stock is down 41% over the past year. The company is forecast to post earnings per share of NT$7.95 for next year compared to NT$11.32 last year. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Hsing-Yuan Hsu was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 08
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: NT$5.11 (up from NT$3.43 in 3Q 2021). Revenue: NT$1.22b (down 48% from 3Q 2021). Net income: NT$724.7m (up 52% from 3Q 2021). Profit margin: 59% (up from 20% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 7.0%. Earnings per share (EPS) exceeded analyst estimates by 12%. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 11
Consensus revenue estimates fall by 16% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from NT$6.75b to NT$5.65b. EPS estimate fell from NT$10.93 to NT$7.95 per share. Net income forecast to shrink 12% next year vs 3.2% growth forecast for Semiconductor industry in Taiwan . Consensus price target down from NT$110 to NT$77.50. Share price fell 2.3% to NT$88.80 over the past week. Reported Earnings • Aug 08
Second quarter 2022 earnings: EPS exceeds analyst expectations Second quarter 2022 results: EPS: NT$1.85 (down from NT$3.69 in 2Q 2021). Revenue: NT$1.59b (down 38% from 2Q 2021). Net income: NT$262.5m (down 49% from 2Q 2021). Profit margin: 17% (down from 20% in 2Q 2021). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 24%. Over the next year, revenue is forecast to grow 2.5%, compared to a 21% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Buying Opportunity • Aug 02
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be NT$116, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 30%. Revenue is forecast to decline by 12% in a year. Earnings is forecast to grow by 14% in the next year. Buying Opportunity • Jul 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 30%. The fair value is estimated to be NT$117, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 30%. Revenue is forecast to decline by 12% in a year. Earnings is forecast to grow by 14% in the next year. Upcoming Dividend • Jul 11
Upcoming dividend of NT$9.00 per share Eligible shareholders must have bought the stock before 18 July 2022. Payment date: 10 August 2022. The company is paying out more than 100% of its profits and is paying out 83% of its cash flow. Trailing yield: 9.8%. Within top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (3.8%). Buying Opportunity • Jun 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 32%. The fair value is estimated to be NT$121, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 30%. Revenue is forecast to decline by 12% in a year. Earnings is forecast to grow by 14% in the next year. Major Estimate Revision • May 14
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from NT$8.74b to NT$6.75b. EPS estimate increased from NT$10.65 to NT$10.93 per share. Net income forecast to grow 14% next year vs 17% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$160 to NT$133. Share price fell 2.6% to NT$113 over the past week. Reported Earnings • May 05
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: NT$0.90 (down from NT$3.08 in 1Q 2021). Revenue: NT$1.39b (down 38% from 1Q 2021). Net income: NT$127.1m (down 70% from 1Q 2021). Profit margin: 9.1% (down from 19% in 1Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) exceeded analyst estimates by 23%. Over the next year, revenue is forecast to grow 14%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Independent Director Yuan Hsu Hsing was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 04
PixArt Imaging Inc., Annual General Meeting, May 27, 2022 PixArt Imaging Inc., Annual General Meeting, May 27, 2022. Reported Earnings • Mar 03
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NT$11.32 (up from NT$10.60 in FY 2020). Revenue: NT$8.80b (up 8.0% from FY 2020). Net income: NT$1.58b (up 8.2% from FY 2020). Profit margin: 18% (in line with FY 2020). Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) also missed analyst estimates by 3.7%. Over the next year, revenue is forecast to grow 7.7%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 11
Price target decreased to NT$178 Down from NT$206, the current price target is an average from 3 analysts. New target price is 20% above last closing price of NT$148. Stock is down 25% over the past year. The company is forecast to post earnings per share of NT$11.72 for next year compared to NT$10.60 last year. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$3.43 (vs NT$3.16 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: NT$2.36b (up 8.2% from 3Q 2020). Net income: NT$477.3m (up 9.6% from 3Q 2020). Profit margin: 20% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$164, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Semiconductor industry in Taiwan. Total returns to shareholders of 49% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$310 per share. Reported Earnings • Aug 05
Second quarter 2021 earnings released: EPS NT$3.69 (vs NT$2.03 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$2.55b (up 41% from 2Q 2020). Net income: NT$511.9m (up 84% from 2Q 2020). Profit margin: 20% (up from 16% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Board Change • Aug 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Independent Director Yuan Hsu Hsing was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jul 08
Upcoming dividend of NT$8.48 per share Eligible shareholders must have bought the stock before 15 July 2021. Payment date: 10 August 2021. Trailing yield: 4.2%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (2.2%). Price Target Changed • May 13
Price target decreased to NT$206 Down from NT$223, the current price target is an average from 4 analysts. New target price is 18% above last closing price of NT$176. Stock is up 8.3% over the past year. Reported Earnings • Mar 24
Full year 2020 earnings released: EPS NT$10.60 (vs NT$6.23 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$8.15b (up 34% from FY 2019). Net income: NT$1.46b (up 74% from FY 2019). Profit margin: 18% (up from 14% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 03
New 90-day low: NT$181 The company is down 11% from its price of NT$203 on 03 December 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$207 per share. Is New 90 Day High Low • Feb 06
New 90-day low: NT$183 The company is down 4.0% from its price of NT$190 on 06 November 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 38% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$231 per share. Major Estimate Revision • Nov 11
Analysts increase EPS estimates to NT$10.69 The 2020 consensus revenue estimate increased from NT$7.58b to NT$8.12b. The earnings per share estimate also received an upgrade from NT$9.37 to NT$10.69 for the same period. Net income is expected to grow by 29% next year compared to 24% growth forecast for the Semiconductor industry in Taiwan. The consensus price target increased from NT$248 to NT$256. Share price is up 8.0% to NT$197 over the past week. Is New 90 Day High Low • Nov 09
New 90-day high: NT$207 The company is up 10.0% from its price of NT$189 on 11 August 2020. The Taiwanese market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$110 per share. Reported Earnings • Nov 06
Third quarter 2020 earnings released: EPS NT$3.16 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$2.18b (up 21% from 3Q 2019). Net income: NT$435.6m (up 38% from 3Q 2019). Profit margin: 20% (up from 18% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 12% per year. Analyst Estimate Surprise Post Earnings • Nov 06
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) also surpassed analyst estimates by 10%. Over the next year, revenue is forecast to grow 6.5%, compared to a 14% growth forecast for the Semiconductor industry in Taiwan.